Baku Climate Action Week took place to address the issue of reducing methane emissions from oil and gas companies in order to combat global warming. The summit emphasized the need for cleaner natural gas and discussed the importance of limiting methane emissions to help decrease the impact of climate change. NGOs are pushing for stricter regulations on methane emissions from oil companies and for countries to require importers to commit to reducing emissions. One non-profit organization is independently collecting data to monitor methane emissions and ensure that companies are following through on their commitments to decrease emissions. Environmental scientists highlighted the connection between methane emissions and extreme weather events such as storms and floods.
Environmental Defense Fund chief scientist Steve Hamburg stressed the importance of public demand and government pressure for companies to make commitments to reduce methane emissions. He noted that many countries are already taking steps to require low methane emissions from imported gas. The International Energy Agency reported that the production and use of fossil fuels are major sources of methane emissions, contributing to over 120 million tonnes of emissions annually. Discussions at the summit centered around financial opportunities in the green sector, with a focus on securing more financing for countries to reduce greenhouse gas emissions. Baku’s top goal for COP29 is to achieve consensus on finance between parties, signaling a crucial step for the Paris Agreement.
The summit highlighted the urgent need for action to combat methane emissions, which are a significant contributor to global warming and air pollution. Academics and businesses engaged in discussions about the importance of cleaning up natural gas production and reducing methane emissions from oil and gas companies. The summit also emphasized the role of countries in requiring importers to commit to reducing methane emissions. By independently monitoring methane emissions, NGOs are able to hold companies accountable for their promises to decrease emissions. Environmental scientists stressed the impact of methane emissions on extreme weather events and the importance of public demand and government pressure to drive further commitments from companies.
Efforts to reduce methane emissions are crucial in the fight against climate change, with the energy sector being a major source of methane emissions from human activities. The International Energy Agency estimates that the production and use of fossil fuels are responsible for a significant portion of methane emissions globally. With discussions at the summit focusing on financial opportunities in the green sector, there is a growing recognition of the need to secure more financing for countries to decrease greenhouse gas emissions. The upcoming COP29 summit in Baku is seen as a critical moment to achieve consensus on finance and demonstrate commitment to the goals of the Paris Agreement. Azerbaijan’s role as the COP29 presidency includes facilitating discussions and mediating agreements between parties to address the urgent need for action on methane emissions and climate change.
